Episode Transcript
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SPEAKER_00 (00:01):
Kiora and welcome to
Talking Dairy.
I'm your host Jack McGowan fromDairyNZ.
It's great to have you with us.
Today we're talking aboutsomething that's close to the
hearts of many in the dairysector, farm ownership.
It's a big ambition, and whilethe path isn't always
straightforward, there are manyways people are making it
happen.
Joining me are Blair Robinsonfrom Dairy Holdings and Tony
(00:23):
Finch from DairyNZ.
They'll share stories, sectorinsights, and practical advice
to help others on their journey.
Let's get into it.
Tuna Kurua, Blair and Tony.
Great to have you both here.
Can you start by telling usabout who you are and your role?
We'll start with you, Blair.
SPEAKER_01 (00:41):
Thanks, Jack.
I'm Blair Robinson, ChiefOperating Officer at Dairy
Holdings.
So been in this role start of myeighth season, and I've got a
team of about 10, and my teamlook after everything
operational on the farm.
My background is a bit varied,ag science degree, but have
(01:03):
spent time selling fertilizer,working for Fonterra, and a
decade rural banking.
So a bit of a mixed bag.
Wanted to go farming.
My father told me I had to go touniversity, which I did, and I
still haven't made it back tothe farm.
So here I am today.
SPEAKER_00 (01:19):
Very good, very
good.
It's always either one or theother.
Either you have to go touniversity before you can go
farming, or you have to go andget a real job before you can go
to university.
SPEAKER_01 (01:29):
Yeah.
That was good advice at thetime.
SPEAKER_00 (01:31):
Very nice.
All right, and Tony, how aboutyou?
Who are you and what do you do?
SPEAKER_02 (01:35):
Thanks, Jack.
And uh good to be here with youand Blair.
I'm uh with Derien Z.
My role as uh key relationshipmanager.
I've worn a number of hats uhthroughout the years uh within
Dari and Z, but at the heart ofit's been farmer engagement.
Really keen to uh hear fromBlair's perils of wisdom as
someone on the at the coal faceuh dealing with this day and
(01:55):
out.
My my job has been probablybeyond the the farm gate,
talking with farmers, listeningto stories, lessons learned, and
uh hopefully a few experiencesand some advice I can provide
through today's discussion.
SPEAKER_00 (02:08):
All right, Blair,
Dairy Holdings has supported
nearly 50 farmers intoownership, which is amazing.
What are some of the differentways that people have progressed
through your system?
SPEAKER_01 (02:18):
Our model or our
system is quite the traditional
model.
When Dairy Holdings was formed25 years ago, there were 50-50
share milkers in place at thattime.
And the great thing is that ourboard and shareholders have been
willing or or encouraging tokeep the ability for share
(02:41):
milkers to be in the businessalive over the 25 years because
as an industry, the ability orthe opportunity to share milk
has shrunk over time, as we allknow.
So really thrilled that ourboard and shareholders still are
willing to provide thatopportunity.
So it is the traditional method,and for us, it's tried and
tested.
(03:02):
But the pathway generally for usis people coming in either as
farm managers or contract milkis the ability to rear young
stock for themselves.
We take that young stock, rearit on our blocks, but they grow
equity through young stock, butunder the protection or the
lower risk model of contractmilking, build up enough stock
numbers to then move into theshare milking role.
(03:25):
That's got a little bit morerisk, but it's also equally got
a little more reward.
And then it's a grind, like it'snot overnight success, but we
see people move, take that step,get into share milking, and then
once again it's it is a grind inthere again in terms of debt
reduction, sticking to thebasics.
And you know, the couples we'vehad, we've had three in the last
(03:45):
12 months that have moved intofarm ownership through that
model, have then sold theirherds down, either the whole
herd or partial herd down, andthen and then move through to
farm ownership.
So the tried and true way, and Iguess the thing that we provide
is is the vehicle.
We also provide the farm system.
We're doing business withourselves, so we provide uh all
(04:08):
the grazing and the wintering,and and our shear milkers know
what their costs are going to beand can bank on a certain amount
of profit year in, year out.
So I guess that's what weprovide is the stability they
need to provide, the expertise.
Our shear milkers, you know, wehope are operating at the higher
end of the performance spectrum.
So that's what we need fromthem.
SPEAKER_00 (04:28):
Cool.
And what's a typical kind oflength of time for someone to go
from when they first step intocontract milking to share
milking and then farm ownership?
I'm sure it varies.
SPEAKER_01 (04:39):
That's a how long's
a piece of string question,
because you you can do itrelatively quickly.
You know, the larger scale yourshear milking role is, the
quicker you'll build the equity.
So there's two sides to that.
So that's one side of it.
So the smaller the the shearmilking role, probably it takes
a little longer.
But equally, the farm purchaseside of that equation, those
(05:03):
that are willing and able to goto the West Coast or Southland,
you know, farm entry levelsthere require a lower level of
capital to get into that versusthe likes of Canterbury.
So we saw uh people probablyable to get into the West Coast
with a standing start of maybeseven or eight years getting
(05:24):
through from contract milking tosheer milking to farm ownership.
Whereas probably in Canterbury,Gareth and Haley Lewis were able
to do that.
Uh last year, they started orus, it might have been 13
seasons through to farmownership.
But on a reasonable scale farmhere in Canterbury, 900 odd
cows.
So, yeah, as I say, there's twosides to that equation, and
(05:46):
those that are that are morewilling to venture, you know,
into the regions where thepurchase price is at a lower
level, that time frame can beshortened up quite considerably.
SPEAKER_00 (05:56):
Cool.
And Tony, from a sector-wideview, what are some of the most
common and some of the morecreative pathways that people
are taking to ownership?
Blair's talked about that sortof traditional pathway.
What else is there?
SPEAKER_02 (06:08):
I've got a feeling
I'm going to be saying what he
said most of the time, to befrank.
Uh, but uh like Blair touched onit, you know, that some of those
traditional avenues are stillvery, very strong today as there
always today, your shear milkingmodel.
So uh, you know, your variableherd owning or even contract
milking are still very muchalive today, and they seem to be
the common pathways into equitypartnerships of varying
(06:28):
proportions, depending on theamount of equity you sort of
garner over time.
I suppose the creativitygenerally sits with how you
create that wealth to enable youto get that step into a business
type of whatever it may be, orto garner enough equity to
enable you to take that firststep.
You know, if I was to go back 34years, 40 years ago, uh it was
(06:50):
probably pretty much refined touh growth in livestock and and
cash savings.
And uh I suppose as time's goneon, the opportunities are very
much still there.
And Blair and I see them everysingle year, people venturing
into great opportunities.
But they do it via buildingequity a little bit differently,
I suppose.
I'd argue that, you know, thesavings culture is still very
(07:11):
important.
The ability to save, understandthe power of compounding and
realizing a safe, saving overtime does sort of build and
create equity.
Other opportunities, uh Blair'smentioned, you know, livestock
within businesses, the abilityto invest into livestock and let
it grow organically, theopportunity to share in profit
share schemes that some ownersoffer.
(07:33):
So, you know, it just gives someform of incentivization that uh
an individual can really workhard towards.
Other creative ideas, more sothese days than in the past,
probably is people are lookingto diversify off-farm, looking
at investing off-farm ratherthan on.
And uh, we see people lookinginto real estate, commercial
subdivisions, the share market.
(07:55):
I've even heard uhcryptocurrency and gold.
So it there's there's no sort ofwhat is right or wrong, as long
as it's covering your cost ofcapital and more, and you ensure
that uh the principle is you'remaking sure that uh cash is
working for you, not you forcash uh fundamentally.
And equity or some form ofsupport can be guarantees,
(08:16):
enables you also the ability toleverage and get into that first
opportunity.
So people are using guarantees alittle bit more, and that can be
family if you're so lucky, or itcould be through building a
reputation with an owner whotrusts you and is willing to
support you into thatopportunity.
There's a myriad ofopportunities, they're just a
few.
There's a few others there, youknow, at least to buy options,
(08:38):
it could be vendor mortgages.
There's a whole range ofopportunities that exist today.
SPEAKER_00 (08:43):
Okay.
So let's talk about some realstories.
Can you share some examples thatshow how different people have
made it work?
SPEAKER_01 (08:50):
The most recent
example we have is here in
Canterbury with Gareth and HaleyLewis, who I think featured in
in the Inside Dairy magazinerecently.
So that's a great story, Garethand Haley came to Dairy
Holdings, as I said earlier, 13or 14 seasons ago, not a lot of
equity to their name, and havebeen able to get through to farm
(09:13):
ownership without any familyhelp.
Either if you talk to Gareth andHaley, they don't think that
it's anything special, butthere's a few key things there
that they've done around juststaying disciplined around
whether it's the savings pieceor it's the debt reduction
piece, compulsory savingessentially, and also just
(09:35):
staying focused.
Like it's you know, it's a hardgrind through those years, year
in, year out, when you know it'snot that exciting when you're
not buying more cows or you'renot buying a new tractor or
you're not buying anything, allyou're doing is focusing on on
debt reduction and not spendinga whole heap of money but
maximising revenue at the sametime.
Like they're they're a toughgrind, and you know, had the
(09:56):
chat with Gareth and Haley aboutsome of their peers had ventured
out and they'd bought batches orthey'd bought caravans or where
stud really stuck to theirknitting and we're really
focused over that time.
So that that's a hard thing todo over a long period of time,
but that's what it takes if youwant to get through to the farm
ownership.
So, and then I guess it's alittle bit of always timing,
(10:19):
isn't it?
And the willingness to take acalculated risk too.
So, like I think if they weresitting here and now it might be
a bit tougher to make all thosenumbers go around, but at the
time they were able to get thatdeal over the line.
But for them, consistency ofperformance and and discipline
and sticking to their plan weresome of the key things that uh
(10:39):
enabled them to get wherethey've got to.
SPEAKER_00 (10:42):
Tony, anyone spring
to mind for you?
SPEAKER_02 (10:45):
A couple, really,
and uh I think I need to
reiterate that we see peopleadvancing to careers and
business opportunities everyyear.
They evolve people at differentages and stages and and relative
aspirations.
Yeah, it's not all about farmownership, it could be just
rural professionals.
Uh, Blair's got a great exampleto that within his business with
supervisors, which provides areally amazing opportunity as an
(11:07):
individual to have a rewardingjob as a career and
salary-based.
But I suppose the inspiring onesto me is new Kiwis.
And by new Kiwis, I'm thinkingabout people that have
immigrated to New Zealand withabsolutely nothing but the shirt
on their backs and haven't evenhad the money to bring their
family out, which come in time.
But uh through amazing workethics, great partnerships, uh,
(11:29):
a passion and excitement for theopportunity to be within the
industry in New Zealand thatthey would never get overseas.
Investing in things like NZDIAand uh being recognized.
The example I'm thinking of, itenabled these people within 12
years to get uh recognized, uhbuild enough equity for a share
milking job with a large-scaleoperator that now this season
(11:52):
they have now purchased theirown farm in partnership with
these people.
And so 12 years from absolutelynothing but the shirts on their
back, but with firm, hard workethics, a desire, a passion for
the industry, they've been ableto get to farm ownership.
And I sit there going, if ifthey can do it, anyone can do it
with the right attributes.
(12:12):
The only other one I wasthinking too is yeah, when I
think about different ages andstages, you know, there is a
program in Canterbury,grassroots scholarship program,
which uh have been sort ofreally investing in young
people.
And through that, they buildpeople with uh inquisitive
minds, confidence,entrepreneurial young farmers
that don't mind asking the why,and they challenge and they're
(12:34):
building this amazing networkaround them, that those people
are progressing their careerspretty quickly into farm
management, contract milking andownership roles.
So there's a whole example ofsuccess stories every single
year, and they're just a couple.
SPEAKER_00 (12:48):
You've talked about
people who have succeeded
without the kind of familysupport.
Um we often hear that successioncan be done well or can not be
done so well.
Have you got any examples ofsuccession planning done well?
SPEAKER_01 (13:03):
The thing with
succession is everyone who talks
about succession will say thisis there's no two scenarios are
are the same.
Each family's different aroundthe way they want to attack it.
But the thing I used to see isthe businesses that underlying
were were strong from afinancial standpoint around
their cash flow or balancesheet, it just gave them so many
(13:25):
options that they were able toentertain.
And I think in some of the othersectors outside of dairy where
that's perhaps not the case,succession unfortunately is
challenging.
So I think for dairy, we'rereally fortunate that we've got
a prosperous, successfulindustry that does allow options
around succession, however theymay look.
(13:46):
So there's numerous successfuluh stories around succession,
you know, have been for forever.
So really thankful that that'sactually the case in the dairy
industry.
SPEAKER_00 (13:57):
Comments, Tony?
You're looking very thoughtful.
SPEAKER_02 (14:00):
No, just listening
with intent.
Look, succession to me, it's uhsubject in itself.
And I suppose, again, from aprevious life in banking, it's
around starting early, Isuppose.
So starting the conversationearly, starting the planning
early, as early as possible,leaving it later into life sort
of narrows your field ofoptions.
So uh the advice for me is justmake sure the discussion is had
(14:23):
and you start as early aspossible.
SPEAKER_00 (14:25):
Okay, thank you.
Okay, you've touched on some ofit already, but we'll gather it
in one place.
What are some of the key traitsor habits that you see in people
who successfully make the leapto farm ownership?
SPEAKER_01 (14:37):
They all have that
passion and and goal to get
there and lots fall by thewayside.
So it's I don't know what theword is, the stickability or the
I mean they're just driven thatnothing's going to get in their
way.
And when you're farming for overa decade to get there, you're
gonna have your setbacks.
And so I think the common traitwith these people is that
(14:59):
they're you know, they're reallyresilient, they learn from their
setbacks, a, that they can tryand avoid them next time, but
they pick themselves up, dustthemselves off, and get on with
it.
And we know that, you know, ifyou're in the dairy industry for
10 or 15 years, that thatvolatility and you know, it's
going to be ups, downs whereit's the weather or the payout.
(15:20):
So so I think the common tradersthat those people are driven,
they're resilient, they'llthey'll get over stuff and
they'll carry on.
I think too, a little bit ofsingle-mindedness, like because
you can it's great to getadvice, but you can get
bombarded too.
And I think just picking whoyour mentors are that you're
checking in with them ratherthan trying to talk to the whole
(15:42):
dairy industry around, you know,the way forward, I think is
probably something I see thatthey have a close-knit
professional circle that providethem the guidance.
SPEAKER_00 (15:52):
And speaking of
guidance, what support is
available for people who want toprogress but don't know where to
start, Leah?
SPEAKER_01 (15:59):
I think we're
fortunate that we've got a few
farm owners within the businessthat are have got a professional
career as well as uh farmownership.
I guess within the business,we're also we're a growing
business, so acquisitions ispart of what we do.
So, you know, we've got a fewex-bankers in here too, so we
have enough expertise in-housethat we're able to sit down with
(16:22):
people and just work throughwhat a plan might look like.
The early stage of that planthrough the contract and share
milk around the equity creationor wealth creation piece is
actually relativelystraightforward, as a few key
principles stick to.
I think the real value we'refortunately able to add to
people is when they get into thefarm acquisition stage, that's
(16:45):
quite daunting.
That's where we spend a bit oftime just sitting down with
people and working through thekey things they need to be
covering off.
And particularly theenvironmental space has got
quite daunting for a first farmbuyer.
So we do spend a bit of timewith them working through the
key things there that they needto be across to make sure that
(17:06):
uh they're mitigating any anyrisk in the purchases they're
looking at.
So they still have their ownindependent legal advice and
accountant and stuff, but wehelp them as much as we can.
If someone asks, we're more thanwilling to spend the time with
them because it's it's such aneat thing, and I'm thrilled
that we're the industry's stillable to have people getting
(17:27):
through to to first farm uhownership.
And I hear it all the time, it'shard, dude.
It's always been hard, and italways will be hard.
So you always create the timefor those people that want to
talk about how can they uh takethe next step to farm ownership?
SPEAKER_00 (17:41):
I remember when I
joined DariNZ 20 years ago.
Um even then we were talkingabout, you know, that pathway to
farm ownership was disappearing.
But it doesn't because there'salways those people who are
single-minded and willing tomake sacrifices and find a way
through.
Now, Tony, what support doesDariNZ have available for people
(18:02):
who want to progress?
SPEAKER_02 (18:04):
It's networking for
a starter.
Yeah, it's identifying who thebest operators.
It's a small industry and wetalk around this one degree of
separation.
By and large, we all know whothe best operators are and uh
where the opportunities sit andwho to talk to, who not to, you
know, trusted professionals.
So DairyNZ does have thatconduit, as does anyone in the
industry, to connect those uhpeople that are going to make a
(18:27):
difference in your journey.
DairyNZ also has a wide range oftools, resources, events,
conferences, you name it, thatare uh uh are funded by farmers,
for farmers to enable them to bebetter farmers, I suppose.
So the challenge is, you know,to be connected, to be aware of
what's happening in yourcommunity within the industry
and get involved.
(18:48):
Go online and immerse yourself.
There's so many tools andresources that enable people to
progress, to learn, to be betterthan before.
You just need to take the timeto immerse yourself, as I said.
And you know, the wide rangingfrom uh budget templates to
calculators to entry-levellearnings, it's just so wide and
varied.
(19:08):
I suppose the one other reallyimportant one is benchmarking
tools.
Like uh I'm big on the fact thatuh a great way to measure
performance is to measureyourself against the best.
And the way to do that is tobenchmark, not against the
average, against the best.
So there's dairy base, there'sother benchmarking tools, but
you need to understand how touse those benchmarking, how to
(19:32):
get the most out of them and howto interpret your results to
make sure you are better in thatfield.
You know, it's one of you you'retalking about uh key traits and
habits uh people who aresuccessful use.
Well, well, benchmarking isdefinitely one of those and
having a good level of financialliteracy.
SPEAKER_00 (19:50):
And from your
experience, Tony, what do you
see are some of the biggesthurdles that people face when
they're thinking about ownershipand how can they overcome them?
SPEAKER_02 (19:58):
Be realistic in
respects to time frames.
It just doesn't happenovernight.
The road is not always straight.
It's gonna have curves andbumps, but you've got to stay
patient, you've got to befocused and keep your eye on the
prize and realize that um withthe right attributes, be it hard
work, a passion for theindustry, um surrounding
(20:19):
yourself with the best peopleand really be focused, those
time horizons will shortendepending on how much you sort
of really dedicate yourself tothat.
But you've got to be realistic.
It just doesn't happen overnightwithout hard work.
Finance, it's a mindset changeat uh an entry level into
business.
But when you're running your ownbusiness, some of these
businesses are big, you know,and we're talking um assets in
(20:42):
the millions.
So, you know, getting your headaround finance, understanding
what your key performanceindicators are around profit, be
really focused on that andmanaging debt are important and
can be quite a hurdle.
Work ethics, this just doesn'thappen.
And uh, you know, it's notsugarcoated, it comes with hard
work.
It's just not going to land onyour laps through good fortune.
(21:04):
It takes good work ethics tosucceed in this.
And so, you know, you've got tomake sure that you don't go into
this thinking it's just going tohappen.
It will happen with hard workand good work ethics.
SPEAKER_00 (21:15):
Blair, what would
you add to what Tony's just
shared?
SPEAKER_01 (21:18):
Just the simple
distraction that people suffer
from.
And that can be a multitude ofthings.
It can be distraction oncepeople create a little bit of
wealth that they go off and theybuy something that's
discretionary or for luxury ordoesn't fit with their plan
around the farm ownership piece.
So I do see that from time totime.
(21:40):
And then it's also distractionaway, probably from performance
too, for whatever reason.
A really high-performing couple,you know, might come off the
boil a little bit, and and butyou need that year in, year out.
It's almost like an elite sportsperson for a decade there, or
for a lifetime, really, as afarmer.
Like it's trying to replicateyear after year that level of
(22:02):
performance right up the top.
Some people are able to do thatyear in, year out, others seem
to get distracted.
Those who are able to stayfocused, they've got a much,
much, much better chance ofachieving farm ownership.
SPEAKER_00 (22:15):
Okay, you've both
talked about how the first step
towards farm ownership is oftencontract milking.
How do people who get thatopportunity make the best of it?
What do they need to do?
SPEAKER_01 (22:27):
Those starting out
contract milking, I mean, that's
a big jump in itself.
You're starting their ownbusiness for the first time.
So having the support round themis really important, whether
that be accountant, farm owner,could be an external consultant
or advisor, but having thesupport around them, because
there will be bumps along theway.
(22:49):
And a lot of that can actuallyalso be about running a team for
the first time if the farm hasgot two or three or four people
involved in the team.
So a lot of that can be actuallycoaching around, you know,
getting the team to perform at ahigh level, too.
So all of those things areimportant.
Equally, the benchmarking pieceis critically important in
(23:10):
contract milking.
You're not sharing in milkprice, so you're you're not
exposed to the risks of milkprice.
You're also not sharing in whenmilk price is strong.
But contract milking is therefor those starting out in the
industry to build equity under amuch reduced risk model.
That's the way you kind of lookat it.
So for new contract milkers tounderstand how they're going,
(23:34):
it's it's vital that they useDairy Base to analyse their
accounts on a on an annualbasis.
So you've got Dairy Base there,that Dairy and Z will fund that
for contract milkers, allcontract milkers throughout New
Zealand to get their financialaccounts benchmarked in
Dairybase.
So a fantastic opportunity tosee how well they're going
(23:55):
because those are the formativeyears.
SPEAKER_00 (23:58):
When you learn to
run a business, well.
SPEAKER_01 (23:59):
When you learn to
run a business, you know, and
there'll be mistakes andthere'll be learnings.
But equally, there needs to beequity gained through those
years as well, both from a cashperspective and equally if if
there's stock ownershipopportunities in there as well.
But people need to understandhow well uh they're advancing in
terms of the equity piece.
SPEAKER_02 (24:19):
That first entry is
it's a brand new business.
It's sometimes the firstbusiness you've been in.
So you are managing debt and youyou need to be well aware of
your cash flow forecasts.
So spending a lot of time notonly looking at cash flow your
forecasts, but doing differentscenarios to make sure you've
got a good year and a bad yearcovered off.
(24:40):
So it's building um financialliteracy understanding in that
sense.
Watching your pennies, you know,contract milking, there's not so
many levers to pull.
So when it comes to expenses,make sure every dollar you spend
has a return.
So, you know, it's got to belooked upon as an investment.
So every dollar I'm gonna spendone to get two in return.
(25:01):
That's in a very crude sense,but I think you've got to have
that mentality to watch yourpennies and have that real focus
on debt reduction andinvestment.
As uh Blair's mentioned, youknow, benchmarking is a critical
tool to understand what the bestare doing, but it's not only
understanding what they'redoing, it's how they are
achieving it and really get downto the nuts and bolts of that.
SPEAKER_00 (25:23):
Now, for someone
listening with goals and
aspirations to buy a dairy farm,what is your best piece of
advice?
Just one, Blair.
SPEAKER_01 (25:31):
Can Tony go first
while I think about it.
SPEAKER_00 (25:33):
Yeah, Tony can go
first.
He might steal your advicethough.
Yeah.
SPEAKER_02 (25:38):
I better make it
good.
Build the best reputation and bythat be not just a good farmer,
be a great farmer.
So that's what you need to beaspired to, and and I believe
opportunities will chase you anddoors will open.
So you gotta be confident,you've got to ask the right
questions, network surroundyourself with the very best
people and farmers and advisors.
(25:59):
They all connect opening doors,and uh be inquisitive, ask the
challenging questions.
So, yeah, we've covered it off alot today, but you know, you've
got to be a sponge for learningsand knowledge.
You gotta really uh connect withthe very best farmers, learn
from the best farmers, be partof the community and build that
reputation of being the verybest farmer you possibly can be.
SPEAKER_00 (26:21):
Very good, Tony and
Blair.
SPEAKER_01 (26:24):
If you've got the
passion that there will be a way
to get there, at the early stageof your career, it's about
building networks andrelationships and because you
never quite know where they aregoing to come back and and
create an opportunity foryourself.
Probably the last piece would beuh avoiding the distraction goes
without saying, really, is thatthose are able to stay focused
(26:47):
and and stay the course andavoid the distractions that the
dare industry is reasonablyprosperous at the moment.
There's lots of people coming updriveways that are trying to um
take part of your earnings awayfrom you.
So those that are able to stayfocused are um put themselves in
a in a better place.
SPEAKER_00 (27:04):
Very good.
Thank you, Blair.
Thanks, Blair and Tony, forsharing these stories and
insights.
What's clear is that there's noone size fits all path to farm
ownership, although thetraditional pathway is still
tried and true, and that's agreat thing.
Whether you're starting withnothing or already on the
journey, there are people andorganizations ready to support
you.
To learn more, check out theshow notes for links to Dairy
(27:26):
and Z resources and more aboutdairy holding support programs.
You can also check out thelatest Inside Dairy to read the
farmer stories about how they'regrowing their equity and
recently progressed to farmownership too.
That's it for this episode ofTalking Dairy.
Thanks for listening and we'llcatch you next time.
Matiwa.
(27:49):
Thanks for tuning in to thisepisode of Talking Dairy.
Make sure to hit follow so youcan keep up to date with our
latest episodes.
You can also keep up withDairyNZ News on Facebook,
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our fortnightly DairyNZ Newsemails.
As always, if you have anyfeedback on this podcast or have
some ideas for future topics orguests to have on the show,
(28:12):
please email us at talkingdairyat dairynz.co.nz.
Matiwa, Modi Order, catch younext time.